Understanding Waiting Period in Health Insurance

You might have heard of the term "waiting period" in your health insurance policy. But what does it really mean? In this blog post, we'll explain it this is, how it works, and why it's important to understand it.

At Plum, we understand the importance of having comprehensive health insurance coverage for you and your loved ones. That's why we want to educate you on the ins and outs of waiting periods, so you can make informed decisions about your health insurance policy.

What is Waiting Period in Health Insurance?

A waiting period is a period between when you buy a health insurance policy and when your coverage starts. During this time, you won't be able to make any claims for medical expenses, even if you have a medical emergency. The waiting period varies depending on the policy and the insurer, and can range from 30 days to up to 4 years.

Why Do Health Insurance Policies Have Waiting Periods?

The primary reason for a waiting period is to prevent fraud and misuse of health insurance policies. By imposing a waiting period, insurers can ensure that people don't buy a policy just to make a claim for an existing medical condition or a pre-existing illness. It also allows insurers to manage their risks and keep their premiums affordable.

Types of Waiting Periods in Health Insurance

There are two types - initial waiting period and specific waiting period.

Initial Waiting Period

This applies to all new policies. It is typically 30 days and applies to all illnesses and medical conditions.

Specific Waiting Period

This applies to pre-existing illnesses or medical conditions. Suppose you have a specific illness or condition at the time of buying the policy. In that case, you will have to wait for a certain period before you can claim any medical expenses related to that condition.

Depending on the policy and the insurer, this can range from 2 to 4 years.

The Impact on Your Health Insurance Coverage

It's important to understand how this affects your health insurance coverage.

Suppose you have a medical emergency or need medical attention during the waiting period. In that case, you cannot claim any expenses related to that illness or condition. This means that you will have to pay for the medical expenses out of your pocket.

However, after the waiting period, you can claim any medical expenses related to any illnesses or conditions covered under your policy. This is why planning and buying a health insurance policy well before you need it is important.

Conclusion

Waiting period is an important aspect of health insurance policies that you must understand before buying a policy. At Plum, we believe in transparency and educating our customers on all aspects of health insurance.

With this context, you can make informed decisions about your health insurance coverage and ensure that you and your loved ones are protected when you need it the most.